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Sienna Senior Living Inc. Reports Fourth Quarter 2024 Financial Results and Continues to Grow through the Acquisition of Two Properties in Ontario
MARKHAM, Ontario, Feb. 19, 2025 (GLOBE NEWSWIRE) -- Sienna Senior Living Inc. (“ Sienna ...
About this update from Sienna Senior Living Inc.
[{"type":"text","content":"Sienna Senior Living Inc. Reports Fourth Quarter 2024 Financial Results and Continues to Grow through the Acquisition of Two Properties in Ontario\n\n\n\n MARKHAM, Ontario, Feb. 19, 2025 (GLOBE NEWSWIRE) -- Sienna Senior Living Inc. (“\n \n Sienna\n \n ” or the “\n \n Company\n \n ”) (TSX: SIA) today announced its financial results for the three and twelve months ended December 31, 2024. The Consolidated Financial Statements and accompanying Management’s Discussion and Analysis (“\n \n MD&A\n \n ”) are available on the Company’s website at\n \n www.siennaliving.ca\n \n and on SEDAR+ at\n \n www.sedarplus.ca\n \n .\n \n\n Sienna's fourth quarter results highlight the Company's two-year growth trajectory, marking its eighth consecutive quarter of year-over-year adjusted same property net operating income (“NOI”) growth since the beginning of 2023.\n \n\n “2024 has been a year of tremendous progress and demonstrates the strength and potential of our Company,” said Nitin Jain, President and Chief Executive Officer. “We continued our growth momentum for a second year in a row, further strengthened our balance sheet, advanced our development pipeline with two projects nearing completion, and secured a highly attractive portfolio acquisition in Alberta. But this was just the beginning—with the rapid growth of Canada’s senior population driving unprecedented demand, we believe there is exceptional growth potential for Sienna for years to come.”\n \n\n\n\n Operating Highlights\n \n\n\n\n\n\n Adjusted same property NOI\n \n increased by 22.6% to $45.5 million, compared to Q4 2023, including\n \n\n a 15.3% year-over-year increase in the Retirement segment, and\n \n\n a 29.0% year-over-year increase in the long-term care (“LTC”) segment\n \n\n\n\n\n Continued progress towards 95% same property retirement occupancy\n \n – average same property occupancy increased by 300 basis points (“bps”) to 92.9% in Q4 2024 compared to Q4 2023; average monthly occupancy further improved to 93.1% in January 2025;\n \n\n\n Significant year-over-year increase in LTC NOI highlights strength of LTC platform\n \n – a stable operating environment, fully occupied homes, improvements to government funding and...